The Prelude was probably composed by Manuel María Ponce (Fresnillo, 8 December 1882 - Mexico City, 24 April 1948) in 1931 as part of a solo guitar suite that Segovia erroneously attributed to the German lutist Sylvius Leopold Weiss (Wroclaw, 12 October 1686 - Dresden, 16 October 1750). Ponce had composed a Prelude and a Ballet much appreciated by Segovia, as evidenced by a letter that the guitarist sent to the composer in November 1931 as a sign of appreciation.

In 1936 it was Ponce himself who arranged the Prelude in the version for guitar and harpsichord as a gift for the wedding of Segovia with his second wife, the Catalan pianist Paquita Madriguera. On March 22, 1936, Segovia wrote a letter to the composer, thanking him for his most welcome gift and inviting him to complete a Suite: the Segovia would then have to save money to buy a harpsichord.

Segovia in 1959 recorded a version of the Prelude with the harpsichordist Rafael Puyana, attributing the piece to Weiss and claiming that Ponce had only performed a transcription operation.

The manuscript of the Prelude for guitar and harpsichord version was lost due to the destruction of Segovia's home in Barcelona during the Spanish Civil War. A further manuscript is kept in an archive of the City of Mexico, inside a folder entitled Suite a duo pour guitare et clavicen par M.M. Punch. Although the title refers to a Suite, only the manuscript of the Prelude has survived.